Financial Technologies-India (FTIL), the promoter of scam-ridden National Spot Exchange (NSEL), on Friday announced a broad transformation strategy, FT3.0, to emerge as a technology partner that provides ecosystems to digital companies from booming sectors like retail, healthcare and education.
A day after it announced its exit from Indian Energy Exchange (IEX) by selling its stake to a group of investors, the technology firm, after a board meeting, said that it will spin off its flagship ‘ODIN’ trading platform as “a separate subsidiary, or SBU, to attract majority strategic partner and investor”.
“The board also took note of the appointment of a global and an Indian investment banker for the purpose of attracting majority strategic partner/investor into FTIL’s member technology business (ODIN+STP GATE+MATCH) and the creation of a separate subsidiary for the same, if required,” said a press release from FTIL.
After a board meeting, FTIL inducted Berjis Desai and Anil Singhvi as non-independent and non-executive directors while also including Prashant Desai as executive director on its board.
After the NSEL scam in which investors lost R5,600 crore, FTIL has sold several of its exchange business ventures. These include the sale of Singapore Percentile Exchange (SMX) to Intercontinental Exchange Group (ICE) and a forced exit from Multi Commodity Exchange (MCX) — India’s most profitable commodity derivatives exchange — after the market regulator Forward Markets Commission (FMC) deemed the company not “fit and proper” to be an anchor investor on MCX. Kotak Mahindra Bank, one of the prominent buyers of MCX, purchased a 15% stake in the exchange from FTIL.